Global transformer oil market to grow at 7.1% CAGR by 2022
Zion Market Research has made available a new report on the global transformer oil market, predicting the market size to reach $3.2 billion by 2022.
According to the report, global transformer oil market was valued at $2.1 billion in 2016, and is anticipated to grow at a CAGR of 7.1% between 2017 and 2022.
The mineral based segment accounted for the largest market share in 2016 and accounted for around 90% of total market volume in 2016. Mineral oil based transformer oil is also expected to be one of the fastest growing segment from 2016 to 2022.
Distribution transformer and power transformer are the key applications of the transformer oil market. In 2016, distribution transformer was the leading segment and accounted for more than 50% of total market volume.
Asia-Pacific was the largest market for transformer oil in 2016 and is expected to continue being a major market during the forecast period. It accounted for more than 40% share of the total revenue of transformer oil market.
The European market is likely to grow at a comparatively slow pace due to steady demand from countries such as U.K., Norway, Russia, and the Netherlands. Middle East market is expected to grow a good pace during the forecast period.
The key players in the market include Nynas AB, Ergon Inc., PetroChina Company Limited, APAR Industries Limited, Calumet Specialty Products Partners, Sinopec Corporation, Hydrodec Group PLC, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co., Inc., and Gandhar Oil Refinery India Limited.
Source: Zion Market Research